MAX Automation SE Faces Market Challenges but Maintains BUY Rating

NuWays AG's recent analysis of MAX Automation SE highlights ongoing operational challenges due to adverse market conditions, resulting in revised financial forecasts. The company has lowered its FY25 sales guidance to €300-340 million from a previous range of €340-400 million. EBITDA projections have similarly decreased to €12-18 million, down from €21-28 million. This adjustment follows a reported 14% year-on-year decrease in order intake and an 18% reduction in the order backlog during Q1 2025.

These dynamics are attributed to macroeconomic pressures and uncertainties in U.S. customs regulations, causing customer hesitation in placing new orders. Despite these headwinds, MAX Automation maintains a well-positioned portfolio with companies like bdtronic and Vecoplan in promising markets such as e-mobility and industrial automation. The decentralized structure supports operational focus at the subsidiary level, and cost efficiency measures are anticipated to improve margins starting FY26. The BUY rating is reaffirmed, albeit with a reduced target price of €6.50.